__
Gift Deed
Gift Deed
What is a Gift Deed?
A Gift deed is a legal document by which a property owner can transfer ownership of his/her property to another person as a gift without any consideration.
Why Gift Deed?
Gift Deed is generally made by property owners to transfer the property to their relatives. Further, gift deed attracts lesser Stamp Duty if property is transferred to close relatives as mentioned in The Maharashtra Stamp Act, 1958.
What are the essential clauses of a Gift Deed?
1. The place and date on which the gift deed is to be executed.
2. Relevant information on gift deed regarding the donor and the donee, such as their names, address, relationship, date of birth and signatures.
3. Complete details about the property to be Gifted.
4. Two witnesses to bear testimony of the gift deed and their signatures.